Hi everyone, and welcome back to This Week in StartupGhana newsletter! From new funding milestones to strategic appointments and policy updates, we’ve got the latest news shaping the future of business and technology. Here are the top headlines:
- SAYeTECH wins the 2024 MEST Africa Challenge, secures $50,000 investment.
- Oyster Agribusiness gets $610K follow-on funding from Sahel Capital.
- Ghana’s SEC grants crowdfunding licenses to Grow For Me and Ingwoo Fintech.
- The government launches the Digital Economy Policy and Strategy to accelerate inclusive economic growth.
- Innohub names MamiSerwaa Amoakohene as new Chief of Staff.
- Tech in Ghana conference to make its Kumasi debut in 2025.
- Ghana Climate Innovation Center selects 25 green businesses for the latest Incubation Program.
Accelerator & Incubator
Ghana Climate Innovation Center selects 25 green businesses for the latest Incubation Program.
The Ghana Climate Innovation Centre has inducted 25 businesses into Cohort 10 of its nine-month incubation program. Spanning nine regions, the cohort includes 13 female-led and 12 male-led enterprises, driving innovation in climate-smart agriculture, waste management, energy efficiency, and greening initiatives.
Notable participants this year include Agrimercarb, Eggs N More, Carbon Cleaning Ghana, Cook Clean Ghana, Kinky Matters, and Skin Gourmet. The program will provide the skills and resources needed to scale their impact.
Innohub names Ex-GEA executive MamiSerwaa Amoakohene as new Chief of Staff.
Innohub, one of Ghana’s leading enterprise support organization has apppointed MamiSerwaa Amoakohene the new Chief of Staff. As Chief of Staff at Innohub, MamiSerwaa Amoakohene will drive strategic initiatives, optimize operations, and collaborate with leadership to set goals and monitor performance. She will focus on building high-performing teams, managing stakeholder relationships, and overseeing key projects to support Innohub’s mission of fostering entrepreneurship and innovation.
Funding
Oyster Agribusiness gets $610K follow-on funding from Sahel Capital.
Sahel Capital, fund manager for the KFW-backed Social Enterprise Fund for Agriculture in Africa, has provided a $610,000 debt facility to Oyster Agribusiness. This working capital loan will enable the company to support more smallholder farmers, enhance productivity, and scale its climate-smart agricultural practices.
With this latest round, Oyster’s total funding now stands at $2.92 million, following $2 million in debt financing from Root Capital, RDF Ghana, and Sahel, a $300,000 initial loan from Root Capital in 2023, and $10,000 in grants.
SAYeTECH wins the 2024 MEST Africa Challenge, secures $50,000 investment.
SAYeTECH, known for its advanced agricultural equipment, impressed the judges with its cutting-edge solutions tailored to improve farming efficiency and sustainability. Their innovative machinery supports smallholder farmers by optimizing productivity, reducing waste, and addressing critical challenges in the agricultural sector.
The $50,000 investment will enable SAYeTECH to expand its operations, enhance its technological offerings, and strengthen its position in local and regional markets.
Policy
Government lauches the Digital Economy Policy and Strategy to accelerate the growth.
Ghana’s Ministry of Communications and Digitalisation has launched a Digital Economy Policy and Strategy aimed at driving inclusive economic growth through technology. The strategy focuses on five key areas: entrepreneurship, digital skills, digital government, universal access, and emerging technologies. These pillars are designed to strengthen Ghana’s economic foundation, create a technology-driven ecosystem, and open opportunities for individuals and businesses.
Ghana’s SEC grants crowdfunding licenses to Grow For Me and Ingwoo Fintech.
Ghana’s financial securities regulator, SEC, has approved two operating licences for crowdfunding businesses (Grow For Me and Ingwoo Fintech Services) to crowd-in investments and boost entrepreneurial growth.
Grow For Me has been licensed as both a Crowdfunding Platform and a Crowdfunding Intermediary, granting it dual functionality. As a platform, it can facilitate investment transactions between investors and issuers through its online portal. Its intermediary license further allows it to manage the offer or sale of investment instruments directly on its platform, providing a broader scope of service. Ingwoo Fintech Services, on the other hand, holds a Crowdfunding Platform license, enabling it to act as a portal for connecting investors with issuers but without the added responsibility of facilitating direct sales of investment instruments.
Events
Tech in Ghana conference to make its Kumasi debut in 2025.
The highly anticipated Tech in Ghana conference will make its debut in Kumasi in 2025, marking a significant milestone for the event. Known as the second most active startup ecosystem in Ghana, Kumasi will host the conference under the theme “Tech in Ghana – Kumasi: The Royal Edition.” This exciting development highlights the growing importance of the region’s entrepreneurial ecosystem and its potential to drive innovation and growth in the country’s tech industry.
Stay tuned for more updates on the exciting progress of Ghana’s startup landscape and the key players driving change. We look forward to bringing you more insights in our next edition.
Until next time,
The GIJ Team
